Corn, projected 2016/17 production for FSU-12 and Ukraine
has increased 2.5mmt with FSU-12 gaining an extra 1.5mmt to 45.5mmt and Ukraine
gaining an additional 1.0mmt to 27.0mmt.

Ukraine corn production is raised based on near-record
yields reported by the government and Russia corn production is higher this month with a projected
record yield, based on harvest results to date.

(Latest official figures place the Ukraine corn harvest 70%
complete and the Russian corn harvest 64%; based on the amount of standing corn
we saw on last week’s crop tour would suggest these figure are perhaps wishful
reporting).